Downside Prevails
Our Pivot: 1858.50
Our Preference: Start short selling XAUUSD below 1853.70 with strict stop loss of 1858.50 and profit target at 1846.20 with extension towards 1842.
Alternate Scenario: Upward penetration of 1858.50 will call for 1861 and 1865.
NOTE: XAUUSD is retesting supportive trend line of its previous wedge as resistant region to continue bearish rally.
Chart with supports & resistances:
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